15 Jan 2015 Life Insurance FAQ
Don’t leave the future of you and your loved ones to chance – contact your Berry Insurance agent today, we have the solution – its life insurance. We work with a number of life insurance companies and we’d love to assist you in finding the company that best fits your needs. Life insurance tends to be one of the more confusing insurance topics, so don’t forget that we’re here to help. Read over these life insurance FAQ and contact us with any additional questions.
Question: What’s the perfect age to secure a life insurance policy?
Response: Is there really a ‘perfect’ age for anything? Typically purchasing life insurance is triggered by a life event – whether it be getting married, having your first child, or just realizing that people rely on you financially. With age, the cost of life insurance also increases, but a life policy can purchased whenever the time feels right for you.
Question: In terms of the period of coverage, what’s the difference between term life insurance and whole life insurance?
Response: Term life insurance provides coverage for a specific period of time which is selected by the insured. The popular selections include 10 year, 15 year, 20 year and 30 year term policies. When it comes to whole life insurance, coverage is provided for the lifetime of the insured. A cash value is built up over the lifetime of the whole life policy and the insured can borrow against this value.
Question: About how long will it take to walk through the life insurance process from start to ‘policy in hand’?
Response: Similar to many topics when we’re discussing insurance, it depends. Each company has a different process and when it comes to securing a life insurance policy, everything takes time. Speaking from past experiences, I’d say at least two months. With that said, if you’re working under a deadline and need the policy active by a specific date; you’ll want to start the ball rolling at least six months in advance. Between scheduling a medical exam and the back and forth with the company, this can be a lengthy process.
*Authored by Amanda Spittell.
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For more information about this topic, or to get answers about your current insurance situation, stop our office in Franklin, Massachusetts or give us a call at (800) 941-3317.